A booming economy and better tax compliance have enabled the government post 40 per cent jump in direct tax collections at Rs 1,21,950 crore till October 15 this fiscal as against Rs 86,751 crore during the same period last fiscal.

Corporate Tax collections — a major constituent of Direct Tax —stood at Rs 75,594 crore till October 15 this fiscal as against Rs 53,853 crore in the same period of the previous fiscal registering a 40.29 per cent growth rate, latest revenue data released here show.

Growth in Direct Tax collections is due to a better tax compliance which is indicated by an increase of 64 per cent in self-assessment tax. Personal Income Tax, Fringe Benefit Tax (FBT), Securities Transaction Tax and Banking Cash Transaction Tax yielded a revenue of Rs 46,320 crore as compared to Rs 32,821 crore of the previous fiscal registering a growth rate of 45.13 per cent.

The bullish trend in stock market boosted collection of Securities Transaction Tax to Rs 3784 crore till October 15, this fiscal as against Rs 2556 crore in the same period of the previous fiscal recording growth rate of 48.05 per cent. Banking Cash Transaction Tax collection swelled by 20.22 per cent to Rs 284 crore till October 15 this year as against Rs 236 crore in same period of the last fiscal. Fringe Benefit Tax collection recorded a growth of 87.92 per cent at Rs 2,326 crore as against Rs 1,238 crore.